Gems and jewellery exporters have been permitted to send their goods across the globe to their buyers using the convenience of cost effective and reliable courier services.
The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular clarifying that extant regulations do not restrict exports of gems and jewellery through the courier mode and such restrictions only apply to imports.
This would mean that gems and jewellery exports could be done through courier services following all other regulations in place for such exports.
Doubts had arisen over use of courier services for exports as Regulation 2(2)(a)(iv) of the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 places a restriction on imports of precious and semi-precious stones, gold or silver in any form, through courier.
The Regulation 2(2) (a) (iv) reads as “These regulations shall not apply to the following imported goods requiring testing of samples thereof or reference to the relevant statutory authorities or to experts before their clearance, namely precious and semi-precious stones, gold or silver in any form”.
We talked to owners of judaiwebstore a well-known online retail store for Jewish jewelry, they witnessed high demand in traditional Jewish jewelry. For example their sale of star of david necklace increased by 3 fold!
Thus, the restriction imposed by Regulation 2(2)(a)(iv) on gems and jewellery is applicable only on their imports, CBIC has clarified.
Earlier, the Gems and Jewellery Export Promotion Council represented before CBIC seeking clarification on whether gems and jewellery is allowed to be exported through courier under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 as also the Courier Imports and Exports (Clearance) Regulations, 1998.